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Why ICICI Securities is worth a look despite off-colour markets

Diversified revenue profile, strong financials, and attractive valuations make this company’s stock a worthy long-term bet

March 24, 2023 / 02:27 PM IST
Why ICICI Securities is worth a look despite off-colour markets

While Isec gets adversely impacted by the moderation in equity trading activity, it benefits from the rise in retail investors’ indirect participation in equities through mutual funds

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Broking revenue growth decelerates on subdued equity sentiments Distribution revenue has been steady on healthy mutual fund flows Investment banking revenue declines as primary market activities dries Valuation attractive, given the strong return ratios, high dividend yield The stock of ICICI Securities (CMP: Rs 435; Mcap: Rs 14,000 crore) has significantly underperformed in the past year. While Nifty is down just 1 percent in the past year, ICICI Securities has slumped by over 30 percent in the same period. There are multiple reasons that...

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